Adaptive Biotechnologies Corporation (ADPT) vs BillionToOne, Inc. (BLLN)

Adaptive Biotechnologies Corporation and BillionToOne, Inc. are both Diagnostics & Research companies. BillionToOne, Inc. is the larger, with a market value of $4.9B against $4.1B — 1.2× the size. Adaptive Biotechnologies Corporation has negative trailing earnings, so its P/E is not meaningful; BillionToOne, Inc. trades at 95.0×. BillionToOne, Inc. has the higher net margin (8.35% vs −20.7%) and the higher return on invested capital (34.1% vs −16.6%). Across the 16 metrics below, BillionToOne, Inc. leads on 15 and Adaptive Biotechnologies Corporation on 1.

Valuation

Metric ADPT BLLN Diagnostics & Research median
P/E n/m 94.98 35.56
P/S 12.46 11.45 4.37
P/B 25.49 8.48 3.06
Price to free cash flow n/m 137.17 35.76
EV/EBITDA n/m 73.61 24.35
EV/Sales 12.43 10.30 5.51
Earnings yield (1.71%) 1.05% (1.89%)
Free cash flow yield (0.63%) 0.73% (0.15%)

Profitability

Metric ADPT BLLN Diagnostics & Research median
Gross margin 75.57% 71.27% 50.89%
Operating margin (12.16%) 10.90% (8.57%)
Net margin (20.73%) 8.35% (6.37%)
Free cash flow margin (7.80%) 8.35% 0.00%
Return on equity (38.68%) 23.27% (2.92%)
Return on assets (11.23%) 9.09% (6.71%)
Return on invested capital (16.57%) 34.10% 0.00%

Growth

Metric ADPT BLLN Diagnostics & Research median
Revenue growth (TTM) 50.13% — 7.69%
EPS growth (last fiscal year) 63.89% 103.40% 25.92%
Revenue growth, 5-year CAGR 23.00% — 7.40%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ADPT BLLN Diagnostics & Research median
Debt to equity 2.22 0.17 0.11
Current ratio 4.79 11.69 2.02
Net debt to EBITDA 5.43 (15.70) 0.70

Dividend

Metric ADPT BLLN Diagnostics & Research median
Dividend yield — — 0.66%
Payout ratio — — 0.20

Size

Metric ADPT BLLN Diagnostics & Research median
Market cap 4.08b 4.85b 2.16b

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